We have come up with a Not so elegant solution.
1. Install php-memcached, Now you have 2 clients side by side.
2. Write with both the client, php-memcache(cA) and php-memcached(cB), cB will have a certain prefix. Read from cA.
3. After cache is warmed up. start reading from cB.
4. upgrade/change hash to cA.
5. Let the cache warm up.
6. Start reading from cA.
7. retire cB.
But this would guarantee that the memcache is always available.